Aussie Home Loans' new 'Suburb Spotter' shows buyers what they can get for a suburb's median price with their deposit.
The map's data is fed from property analytics group CoreLogic, and Aussie CEO of Lending David Smith said Suburb Spotter helps potential home buyers navigate the property market.
“We wanted to create a thought starter for property buyers to help them understand not only median property prices but, even more importantly, the deposit required in their desired suburbs, along with the ability to expand their search to find surrounding suburbs which may meet their criteria and be that little bit more within reach," he said.
“The disparity in our research is striking. Australians are hearing about the low interest rates, the government incentives and grants, and they know there are opportunities in the property market, but they can’t seem to shake the emotion of feeling stuck and helpless.”
Buying a home or looking to refinance? The table below features home loans with some of the lowest variable interest rates on the market for owner occupiers.
Lender | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Variable | More details | ||||||||||||
| FEATUREDUNLIMITED REDRAWSSPECIAL OFFER | Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)
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Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)
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| Variable | More details | ||||||||||||
| FEATURED100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES | Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)
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Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)
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| Variable | More details | ||||||||||||
| QLD/NSW/VIC/SA METRO & INNER REGIONAL AREAS | Variable Home Loan (Principal and Interest)
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Variable Home Loan (Principal and Interest)
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| Variable | More details | ||||||||||||
| REFINANCE ONLY | Variable Rate Home Loan – Refinance Only
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Variable Rate Home Loan – Refinance Only
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| Variable | More details | ||||||||||||
| NO ONGOING FEESFREE REDRAW FACILITY | Live-in Variable Loan (Principal and Interest) (LVR < 90%)
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Live-in Variable Loan (Principal and Interest) (LVR < 90%)
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- Fast turnaround times, can meet 30-day settlement
- For purchase and refinance, min 20% deposit
- No ongoing or monthly fees, add offset for 0.10%
Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of June 29, 2022. View disclaimer.
The interactive map is currently available for all eight capital cities, which, according to the Australian Bureau of Statistics (ABS) collectively have a median dwelling value of $728,500.
A survey of more than 2,000 people commissioned by Aussie shows more than half (54%) of Australians with a property goal are unsure about how to take their first or next step in achieving it.
A similar number (53%) also said market conditions are one factor holding them back from achieving their property goals, while more than two thirds were missed out on properties because the market was too competitive.
Mr Smith called this inertia a "paralysis".
“We understand finding the right home can take time, but there are also other larger issues at play when it comes to people feeling they can’t move forward," he said.
“In 2021, there are significant opportunities for first home buyers, movers, upgraders, downsizers and investors, but with this competitive market it’s important to do your homework and get organised in advance, so the next time your dream property comes along, you’ll be ready to make your move.”
The map allows home buyers to input their capital city, their type of home, their loan-to-value ratio (LVR), and their deposit range.
In some cities, it may serve as a sobering reminder of what challenges first home buyers face.
For example, with a 10% deposit for a house in Brisbane (with a maximum deposit of $80,000), there is nothing available for the median price within six kilometres of the CBD, as seen below.
In Sydney, home buyers are effectively priced out unless they buy in Liverpool or Blacktown.
Aussie Suburb Spotter
Photo Supplied
